The Houston housing market is still hot despite the recent freezing temperatures that created havoc in our city! Low inventory and the need for more space, continues to drive home sales and give Sellers the advantage to push prices upward. Hang onto your seats though because this market changes as quickly as the weather in Houston, so we are anticipating more inventory to pop up in the next few months, which could shift the dynamics for the sellers.
March to April are typically the busy months for listing homes, but unfortunately, the Snow Apocalypse slowed sellers down, among other things. My daughter saw a Tik-Tok that said, “Don’t mess with Texas unless you have 2” of snow—then you will mess Texas up!”
In most parts of Texas, we saw 2-6” of snow, but it wasn’t the innocent white flakes that caused so much damage, it was the freezing temperatures with no power for 3-5 days across Texas. I spoke to Joy Knox with State Farm Insurance last week and she shared that in 2020 they had 2500 busted pipe claims, yet following the recent freeze, they already have 84,000 claims!
Many sellers that were planning to list their homes for sale are now dealing with broken pipe repairs, and the rental market is now experiencing low inventory levels as many displaced families look for temporary housing while their homes are being repaired. I have one friend that had 2 hot water heaters burst in the attic and cause $90,000 worth of damage—that would set anyone behind schedule!
As we bask in 70 degree temperatures again, the freeze seems like a bad dream, but we will hopefully me more prepared next time and either upgrade our plumbing to PEX or insulate our pipes. The Snow Apocalypse has also slowed down scheduled closings as lenders are now requiring that all homes are inspected prior to closing to make sure there is no damage caused by the freeze.
Texans are strong though and we will get through this as well. The Spring is a good time to do maintenance on your home, so check your pipes, hot water heaters, and your insurance policies. According to Joy, 50% of homeowners were not insured for the frozen pipes. It is always best to work with a local insurance professional versus buying online. Call an Energy Realty agent for some recommendations.
By: Sherry Campbell